EOS launcher Block.one revealed on Monday a new investment round led by Bitmain and three billionaires, Peter Thiel, Alan Howard and Louis Bacon. Block.one did not disclose the sum raised, but noted that it would be used for the new company’s business expansion.

“Its [EOSIO blockchain] performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption,” Jihan Wu, co-founder of Bitmain said in a statement.

Bitmain is the world’s biggest producer of application-specific integrated circuit (ASIC) chips and was valued at $12 billion in its latest funding round.

The other Block.one investors have experience in backing innovative projects in their early phases. Billionaire Peter Thiel is the co-founder and former CEO of PayPal, and led the company’s move to becoming a publicly traded firm. He also backed Facebook, SpaceX and Airbnb when the projects started. Thiel’s venture firm Founders Fund recently invested in crypto startup Tagomi Systems, which aims to ease virtual trading orders for high-value clients.